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New accontant; new director :8-K
Form 8-K for CHINA INTEGRATED ENERGY, INC.
2-May-2011
"Changes in Registrant's Certifying Accountant, Non-Reliance on Prev
Item 4.01 Changes in Registrant's Certifying Accountant.
On April 26, 2011, a member of the Audit Committee of the Board of Directors of China Integrated Energy, Inc. (the "Company") received a letter from KPMG confirming that the client-auditor relationship with the Company ceased (the "April 26 Letter"). In a subsequent letter, dated April 27, 2011, the substance of which is disclosed in response to Item 4.02(b) below, KPMG confirmed that it had resigned as of its April 26 Letter and such resignation was effective immediately (the "April 27 Letter").
The audit report of KPMG on the financial statements of the Company for the year ended December 31, 2010, does not contain any adverse opinion or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles.
From December 16, 2010, when KPMG was engaged, through KPMG's resignation on April 26, 2011, there were no disagreements between the Company and KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of KPMG would have caused KPMG to make reference to the subject matter of the disagreements in connection with its reports. As disclosed below in Item 4.02(b) below, there was a reportable event as described under Item 304(a)(1)(v)(B) which, according to the April 27 Letter, led to KPMG's resignation. Other than set forth above and disclosed under Item 4.02(b), there were no other disagreements or reportable events as described under Item 304(a)(1) of Regulation S-K.
The Company provided a copy of this disclosure to KPMG and an opportunity to furnish the Company with a letter stating whether it agrees or disagrees with the statements made by the Company herein in response to Item 304(a) of Regulation S-K.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors, Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
"Resignation of Mr. Wenbing Christopher Wang as Independent Director.
On May 3, 2011, the board of directors (the “Board”) of China Integrated Energy, Inc. (the “Company”) received notification from Mr. Wenbing Christopher Wang that effective immediately, he resigned as a member of the Board of the Company. At the time of his resignation, Mr. Wang also served as a member of the Audit Committee.
Mr. Wang submitted his resignation to the Board via email on May 3, 2011. In his resignation letter, he indicated that recent events relating to the independent investigation conducted by the Audit Committee, including inconsistencies between representations made by Company’s management to the Board, have led him to conclude that he cannot continue to serve as a director of the Company. A copy of his resignation letter is included with this Current Report on Form 8-K as Exhibit 17.1 and is incorporated herein in its entirety by reference.
The Company has provided Mr. Wang a copy of the disclosures it is making in this Item 5.02 no later than the day of filing this Current Report on Form 8-K with the SEC. The Company has also provided him the opportunity to furnish the Company, as promptly as possible, a letter addressed to the Company stating whether he agrees with the statements made by the Company in this Item 5.02, and, if not, stating the respects in which he does or does not agree. The Company will file any letter received from Mr. Wang by the Company as an exhibit by an amendment to this Current Report on Form 8-K within two business days after receipt by the Company."
Latest 8-k filing; re: directors..
The Company is considering potential candidates for a replacement. Upon appointment of a new director, the Company will file a Current Report on Form 8-K.
Resignation of Mr. Albert Pu as Chief Financial Officer.
On April 28, 2011, Mr. Albert Pu resigned from his position as the Chief Financial Officer of the Company, effective immediately. The Company is in the process of identifying potential candidates for the position and expects to find a replacement very shortly. Upon appointment of a new Chief Financial Officer, the Company will file a Current Report on Form 8-K.
Do we know what s going with halt/? This sucker made Zack's no 1 buy list on wednesday?? oppps .. sory .. Zacks picked it on march 2011..
http://finance.yahoo.com/news/Zacks-1-Rank-Additions-for-zacks-2636847190.html?x=0&.v=1
"On April 20, 2011 the NASDAQ issued an announcement stating that trading in China Integrated Stock had been halted for "additional information requested from the Company." The last trade price was $1.84/share. According to the announcement, trading will be halted until China Integrated "has fully satisfied NASDAQ's request for additional information."
This may be the real reason trading was halted, or the rest of the story that NASDAQ asked for more info on?
If it trades again (soon, or ever), this news would clobber the stock price, as it will be some time before they can hire a new firm, and get any kind of reliable data reported. New reports will be late now, and restatements of prior reports will take a very long time, and a long term audit to do the restatements will hurt the stock if it trades before the reports are filled.
Chalk up one for the early shorts, who got out early.
KPMG resigned!!! hope that scum of cbeh-management may go to a Chinese prison
Changes in Registrant’s Certifying Accountant.
On April 26, 2011, a member of the Audit Committee of the Board of Directors of China Integrated Energy, Inc. (the “Company”) received a letter from KPMG confirming that the client-auditor relationship with the Company ceased (the “April 26 Letter”). In a subsequent letter, dated April 27, 2011, the substance of which is disclosed in response to Item 4.02(b) below, KPMG confirmed that it had resigned as of its April 26 Letter and such resignation was effective immediately (the “April 27 Letter”).
The audit report of KPMG on the financial statements of the Company for the year ended December 31, 2010, does not contain any adverse opinion or disclaimer of opinion, and was not qualified or modified as to uncertainty, audit scope or accounting principles.
From December 16, 2010, when KPMG was engaged, through KPMG’s resignation on April 26, 2011, there were no disagreements between the Company and KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of KPMG would have caused KPMG to make reference to the subject matter of the disagreements in connection with its reports. As disclosed below in Item 4.02(b) below, there was a reportable event as described under Item 304(a)(1)(v)(B) which, according to the April 27 Letter, led to KPMG’s resignation. Other than set forth above and disclosed under Item 4.02(b), there were no other disagreements or reportable events as described under Item 304(a)(1) of Regulation S-K.
The Company provided a copy of this disclosure to KPMG and an opportunity to furnish the Company with a letter stating whether it agrees or disagrees with the statements made by the Company herein in response to Item 304(a) of Regulation S-K.
Item 4.02(b) Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
On April 27, 2011, in a letter also addressed to the Audit Committee, KPMG referenced the Resignation Letter and informed the Audit Committee that its previously issued audit reports dated March 16, 2011 related to the consolidated balance sheet of the Company and subsidiaries as of December 31, 2010, and the related consolidated statement of income and comprehensive income, stockholder’s equity, and cash flows for the year then ended and effectiveness of internal control over financial reporting as of December 31, 2010 should no longer be relied upon.
In its letter KPMG indicated that its resignation was due to, in its view, the inconsistency between management’s representation to KPMG that it will fully cooperate with the special investigation requested and authorized by the Audit Committee and the manner of management’s conduct during the investigation, and such inconsistency has made KPMG unable to rely on management’s representations in connection with its 2010 audits of the consolidated financial statements and the effectiveness of internal control over financial reporting of the Company.
The Audit Committee has discussed the matters disclosed in response to this Item 4.02(b) with KPMG.
This is what CBEH needs to do. DEER is showing the way:
This is huge news!!!!!
http://ih.advfn.com/p.php?pid=nmona&article=47487382&symbol=DEER
WOWZER!!! Bringing in the big dog, credentials wise!!!
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=7886821
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 28, 2011, the board of directors (the “Board”) of China Integrated Energy, Inc. (the “Company”) appointed Mr. Steven Markscheid as a director and a member and Chairman of the Audit Committee. The Board determined that Mr. Markscheid is an “independent director” as that term is defined in accordance with Rule 5605(a)(2) of the Marketplace Rules of The NASDAQ Stock Market, LLC and Section 10A(m)(3) of the Securities Exchange Act of 1934, as amended.
Mr. Markscheid, aged 57, has been an independent director of CNinsure, Inc. since August 2007, of JinkoSolar Holding Co., Ltd since September 2009, and of China Energy Corporation since June, 2010. He also has been chief executive officer of Synergenz BioScience Inc. since 2007, and member of Emerald Hill Capital Partners' investment committee since 2006. Mr. Markscheid was previously representative of US China Business Council from 1978 to 1983, vice president of Chase Manhattan Bank from 1984 to 1988, vice president of First Chicago Bank from 1988 to 1993, case leader of Boston Consulting Group from 1994 to 1997, director of business development of GE Capital (Asia Pacific) from 1998 to 2001, director of business development of GE Capital from 2001 to 2002, senior vice president of GE Healthcare Financial Services from 2003 to 2006, chief executive officer of HuaMei Capital Company, Inc. from 2006 to 2007. He received his bachelor’s degree in East Asian studies from Princeton University in 1976, his master’s degree in international affairs and economics from Johns Hopkins University in 1980 and an MBA degree from Columbia University in 1991.
On April 28, 2011, the Company and Mr. Markscheid executed an Independent Director Agreement (the “Agreement”) in connection with Mr. Markscheid’s appointment, pursuant to which Mr. Markscheid will be entitled to receive an annual compensation of $100,000. In addition, the Company granted Mr. Markscheid an option to purchase up to One Hundred Thousand (100,000) shares of common stock of the Company with an exercise price equal to the fair market value of a share of the Company’s common stock on the date of the grant of the option and vesting annually, in equal installments for a three year period.
The foregoing description of the material terms of the Independent Director Agreement is qualified in its entirety by a form of such agreement included with this 8-K as Exhibit 10.1.
see the 8k-filling of the sec... sleeping?
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 21, 2011, the board of directors (the “Board”) of China Integrated Energy, Inc. (the “Company”) received notification from Mr. Larry Goldman that effective immediately, he resigned as a member of the Board of the Company. At the time of his resignation, Mr. Goldman also served as Chairman of the Audit Committee.
Mr. Goldman submitted his resignation to the Board via email on April 21, 2011. In his resignation letter, he indicated that recent events relating to the independent investigation conducted by the Audit Committee, including the resignation of Pillsbury Winthrop Shaw Pittman LLP, the law firm engaged by the Audit Committee to conduct the independent investigation, have made him to conclude that he cannot continue to serve as a director of the Company. A copy of his resignation letter is included with this 8-K as Exhibit 17.1 and incorporate herein in its entirety by reference.
The Company has provided Mr. Goldman a copy of the disclosures it is making in this item 5.02 no later than the day of filing this Form 8-K with the SEC. The Company has also provided him the opportunity to furnish the Company, as promptly as possible, a letter addressed to the Company stating whether he agrees with the statements made by the Company in this Item 5.02, and , if not, stating the respects in which he does or does not agree. The Company will file any letter received from Mr. Goldman by the Company as an exhibit by an amendment to this Form 8-K within two business days after receipt by the Company.
The Company is considering potential candidates for a replacement. Upon appointment of a new director the Company will file a Current Report on Form 8-K.
2
--------------------------------------------------------------------------------
Item 8.01 Other Events
On April 21, 2011, the Audit Committee of the Company received a notification from Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) that effective immediately, it resigned as special counsel to the Audit Committee. In addition, Pillsbury notified the Audit Committee that it has been authorized by Deloitte Financial Advisory Services LLP and King & Wood to advise Audit Committee that effective immediately, each firm has resigned from its engagement.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
17.1 Resignation Letter from Mr. Larry Goldman, dated as of April 21, 2011.
the resignation of Larry Goldman?
the resignation of the law firm?
??????
the resignation of Larry Goldman?
the resignation of the law firm?
pfff... the nightmare is real and clear!
I'll hope those cbeh-criminals get a good punishment! maybe a chinese prison?
A LOT of shorts trapped here with the longs now!
http://shortsqueeze.com/?symbol=cbeh&submit=Short+Quote%99
Ya think? This could be real interesting to see who may be golfing behind bars.
Are the auditors at KPMG fools then also? And I guess put me in the pot of fools as well. We haven't heard peep one out of KPMG since the whole thing started unraveling. No back up of CBEH and yet no disgust and dropping like Deloitte did CCME.
I do know two things though. Yep, CBEH could be halted for quite some time and I held my shares WAY too long on the way down before cutting losses at 2.30.
Perhaps the other, yet another, "independent" review and audit is going on at this moment and that is why KPMG has yet not resigned, waiting for their results to see if they had been lied to by mgmt or if the shorts and hit piece specialists are lying.
Its going to be interesting to see how this one ends up.
I will get back in as fast as possible should CBEH be exonerated and KPMG stays onboard.
malc
they could halt it for months...
are all these institutional investors fools?
are they all too stupid, misleaded bij cbeh?
http://finance.yahoo.com/q/mh?s=CBEH+Major+Holders
One other China company that was attacked before CBEH, has already filed a law suit! Here is the link to the text, SEC:
http://www.sec.gov/Archives/edgar/data/1388855/000118518511000371/ex99-13.htm
I saw the Press release on this earlier, but this lists the actual claims in the law suit and names Seeking Alpha as a defendant as well as the author(s)!!!!!!
Too quite here now. Anyone here have multiple stock experience over the years with halted trade stocks like this?
I am wondering why they halted it.
Doesn't this trap shorts, and longs?
Why halt it? Is that not worse, than letting the market sort it out?
Does it not hurt liquidity in all china stocks traded here?
Did CBEH ask for the halt?
Did institutions call for the halt to trap shorts?
http://shortsqueeze.com/?symbol=cbeh&submit=Short+Quote%99
Shows a large increase in shorts the last day it traded!!!!
Is this a new trend for NASDAQ?
If this was a pink stock, would trade have been halted also?
Just thinking of questions out loud.
Any thoughts on the reduction in gas stations news yesterday?
CBEH halted
news news
Press ReleasesEmail AlertsIR ContactsRSS News FeedChina Integrated Energy Announces Lease Termination of Four Gas Stations in Shaanxi Province
XI'AN, China, April 20, 2011 /PRNewswire-Asia/ -- China Integrated Energy, Inc. (Nasdaq: CBEH) (the "Company"), a leading non-state-owned integrated energy company in the People's Republic of China, today announced that four gas station leases entered into in 2008 have been terminated by Shaanxi Highway Service Co., Ltd. ("Shaanxi Highway"), reducing the total number of the Company's gas stations from thirteen to nine. Shaanxi Highway has recalled all of the 32 gas stations that are currently being leased by Shaanxi Highway to third parties, including the four gas stations leased by the Company.
On May 20, 2008, the Company leased four gas stations for operation from Shaanxi Highway. The annual lease payment for each gas station was approximately $437,000 (RMB 3,000,000). The Company was required to make the lease payments for all four gas stations in advance in five-year increments. The first five-year aggregate lease payment of $8,747,631 (RMB 60,000,000) has been paid by the Company to Shaanxi Highway.
Each gas station will be inspected by Shaanxi Highway, and upon its approval, the Company will receive the pro-rated portion of the prepaid lease payment by April 30, 2011. The Company expects the aggregate returned amount to be approximately $3,970,496 (RMB 26,000,000).
"As mentioned in my letter to shareholders on March 23, 2011, since early 2010, the cost of acquiring or leasing retail gas stations has escalated significantly in China, primarily as a result of increased competition to buy gas stations from state-owned petroleum companies working in cooperation with foreign entities," said Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc. "Given the fierce competition that exists now in the retail gas station market in China, we will continue to evaluate organic and acquisition opportunities in all three of our business segments - biodiesel production, wholesale distribution and retail gas stations - to prudently deploy available resources to achieve the greatest investment return."
Addresses and Maps to Nine Gas Stations
Listed below are the remaining 9 gas stations. The Company has displayed maps to identify the location of each gas station on its website. The link to the maps is:
http://www.chinaintegratedenergy.com/business-units/retail-gas-stations/maps
1
Xinyuan Gas Station
Xinhua Village, Disai Town, Baqiao District, Xi'an, Shaanxi Province, China
2
Lantian Gas Station
Xihou Village, Hongqing Community, Baqiao District, Xi'an, Shaanxi Province, China
3
Fangwei Road Gas Station
Fangwei Road, Xi'an, Shaanxi Province, China
4
Chan'an Lanlian Gas station
Section Weiqubeiyuan, Chang'an South Road, Xi'an, Shaanxi Province, China
5
Andong Gas Station
Liu Village North, Baling Town, Baqiao District, Xi'an, Shaanxi Province, China
6
Jindou Gas Station
Xihu Road, Xi'an, Shaanxi Province, China
7
Huafu Gas Station
Hongguang Road, Xi'an, Shaanxi Province, China
8
Jinzheng Gas Station
Southern section of Changhong Road, Qindu District, Xianyang, Shaanxi Province, China
9
Shenmu Gas Station
Shenmu County, Yulin City, Shaanxi Province ,China
Terminated Four Gas Stations
Northern Gas Station in Yang County Service Stations
Yang County Service Stations, Xihan Expressway, Shaanxi Province, China
Southern Gas Station in Yang County Service Stations
Yang County Service Stations, Xihan Expressway, Shaanxi Province, China
Northern Gas Station in Cheng County Service Stations
Cheng County Service Stations, Xiyu Expressway, Shaanxi Province, China
Southern Gas Station in Cheng County Service Stations
Cheng County Service Stations, Xihan Expressway, Shaanxi Province, China
I agree with this statement from Timo - Why don't we hear news from KPMG? Well, its been around a month since the original allegations came out and if true KPMG should have caught that one for sure - The fact that they are silent bothers me alot more than nothing more out of MGMT, I don't expect to see anything else out of them until the other independent review is completed as directed by the BOD.
On the flip side, KPMG hasn't dropped them yet either and Deloitte was rather quick about divorcing themselves from CCME once the shit hit the fan there. I honestly don't know what to think about KPMG's position/take here because I would expect them to have either defended their signoff on 2010 10-K or dumped CBEH by now.
I know you have been doing alot of DD here and still think it may be a short selling scareoff. That was my original take but now I am opinionless. I do know I lost a nice chunk of change.
My biggest disappointment is that KPMG took them on as a client and then signed off rather quickly on what would be Sherb's books for the most part and then this all hits.
If an investor can't trust the Big 4 I dunno what to think about that. I do know for a fact it does not bode well for the space in general.
I'll be watching closely on the sidelines ready to take my position back should there come a legitimate reason to invest. It's all going to hinge on what the next "independent" review reveals. Gee, I thought hiring KPMG was meant to solidfy the market perception thru more competent "independent" review.
I don't know what to make of this Mike but I'd be real careful, and be glad you weren't me averaging down on a falling knife because I trusted KPMG. I figured this, why would CBEH have hired KPMG if they had nefarious transactions on the books? Surely, CBEH would expect KPMG to catch it if this were the case... Right???
This stock is more of an enigma than an investment IMO..
malc
I agree and was thinking the same thing, but was wondering if I had gotten my stock symbols confused, LOL! Perhaps we should cross post this in other similar shorted china stocks like CCME, DEER, ABAT...! I find it odd that the lawyers can not even get a simple PR text right, and they accuse the China companies of screwing up the text on purpose to misslead american investors.
That statement is an obvious mistake Mike, and clearly shows the unprofessionalism of these firms.
That statement belongs in the class action lawsuit against CCME, which is accused of misrepresenting their numbers as it related to bus advertising. Thats the only thing I can think of that makes sense.
I am out of CBEH for now, I held it way too long on the way down figuring that the company would have a quick and strong response to early allegations. The Alfred Little videos really put a lid on any comeback for CBEH stock after they responded to the first round of allegations. Every day CBEH remains silent in their own defense is just hurting the PPS all the more.
I bought CBEH awhile ago when they "upgraded" to KPMG. Then KPMG signed off on a very strong 10-K. Then the original allegations of misappropriated funds and nefarious transactions were announced, and I figured, if this is true than how could KPMG miss this? I sided with KPMG but the silence from them regarding this whole mess got me squirreled too so I sold for a heavy loss.
Too much remains to be countered by CBEH for me to get back in even at this level. If Alfred Little is actually correct about the misrepresentation of biofuels produced and the associated numbers than CBEH is in for a delisting and KPMG is given a black eye.
That said, I am still heavily invested in GU, also audited by KPMG, and if interested take a look at the historical PPS and EPS when peak oil was in effect and realize that all six plants will be up and running soon (three or four have already been fired back up), the copper recycling facility they purchased in the bad times has been putting out good numbers and margins, and when looking at the historical PPS and EPS bear in mind that a 5 for 1 reverse split took place last year to keep compliance and listing on the NYSE.
If history repeats itself here GU could be trading at eighty bucks next year. Heavy institutional buying has been occuring since Nov 2010. It will take some time before the big earnings start showing up again but by the actions of MGMT to remain solvent thru latter 2009 and 2010 really impressed me. They kept a good grip on their cash from 2008 and diversified and didn't panic. They are also no longer subject to value added taxes announced Dec 26, 2010 and back taxes paid in the good times have been refunded, to the tune of around 14M back in their pockets if I remember correctly off the top of my head.
malc
One more ambulance chaser has PR'd today. But I have a question. I am not intimately familiar with this stock, company yet, but what the hell does it have to do with buses and advertising networks? Is this a typo by the guys saying that China to US translations should be perfect?
"the Company misrepresented the number of buses in its advertising network"
why don't we hear news from KPMG? can't they confirm there is nothing wrong? its almost one month ago the cbeh-troubels started...
nice move up today! the end of the tunnel?
China Integrated Energy: Investigators and KPMG Begin Sorting Through Evidence
http://seekingalpha.com/article/261800-china-integrated-energy-investigators-and-kpmg-begin-sorting-through-evidence?source=yahoo
Thanks! I missed the part about the first firm, Pillsbury Winthrop Shaw Pittman LLP (http://www.pillsburylaw.com , being a law firm!!!!
That tells me ABAT may be (or is?) preparing a counter suit, and collecting data to see who counter sue!
And I now count 6 ambulance chaser law firms that have filled to try an claim the top dog spot for a class action suit.
full PR:
Tuesday, April 05 2011 8:01 AM, EST China Integrated Energy Announces Independent Third Party Investigation PR Newswire "Press Releases US - English"
XI'AN , China , April 5, 2011 /PRNewswire-Asia-FirstCall/ -- China Integrated Energy, Inc. (Nasdaq: CBEH), a leading non-state-owned integrated energy company in the People's Republic of China , today announced that the Audit Committee of the Company's Board of Directors has retained the law firm Pillsbury Winthrop Shaw Pittman LLP (http://www.pillsburylaw.com) who, in turn, with the Audit Committee retained Deloitte Financial Advisory Services LLP to, together, advise the Company's Audit Committee with regard to the Audit Committee's independent investigation into various issues raised by certain individuals.
Mr. Larry Goldman , an independent Director and Audit Committee Chair, said, "We consider these issues to be significant and the Audit Committee intends to conduct a thorough and independent investigation. The Audit Committee will authorize counsel to engage such additional independent advisors as deemed necessary and the Committee will work to conclude the investigation in a timely manner."
About China Integrated Energy, Inc.
China Integrated Energy, Inc. is a leading non-state-owned integrated energy company in China engaged in three business segments: the production and sale of biodiesel, the wholesale distribution of finished oil and heavy oil products, and the operation of thirteen retail gas stations. The Company operates at 200,000-ton biodiesel production capacity with two plants located in Tongchuan City, Shaanxi Province and one plant in Chongqing City, China . The Company utilizes a distribution network covering 16 provinces and municipalities, established over the past 11 years, to distribute both heavy oil and finished oil, including gasoline, petro-diesel and biodiesel. For additional information on the Company please visit http://www.chinaintegratedenergy.com.
An online investor kit including a company presentation, press releases, current price quotes, stock charts and other valuable information for investors is available at http://www.chinaintegratedenergy.com. To subscribe to future releases via e-mail alert, visit http://www.chinaintegratedenergy.com/alerts
Safe Harbor Statement
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company's filings with the U.S. Securities and Exchange Commission . The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
China Integrated Energy, Inc.
Susan Zhou
Vice President, Investor Relations
Tel: +1-305-393-5536
Email: susan.zhou@cbeh.net.cn
Web: http://www.chinaintegratedenergy.com
Ambulance chasing is being stepped up! LOL
Now the same Dallas law firm is going after National Semiconductor for a 100% GAIN offer from TI in a buy out offer? Did they get caught playing the short side of NSM when the news came out and the stock doubled, and now they want to scare investors? Are these law firms in trouble and desperate for new business? This one just makes no sense to me? IIRC they announced they were going after ABAT just a few days ago. Today they are claiming the TI offer may be too low? LOL
Quote:
Law Firm Goldfarb Branham LLP Announces Investigation of National Semiconductor Corporation Buyout
BY Business Wire
— 10:01 AM ET 04/05/2011
DALLAS--(BUSINESS WIRE)-- Goldfarb Branham LLP is investigating potential shareholder claims against the board of directors of National Semiconductor in connection with the company’s proposed buyout by Texas Instruments for $25 per share. Concerned National Semiconductor stockholders are encouraged to contact attorney Hamilton Lindley
“Our investigation focuses on whether National Semiconductor’s board is selling the company for a fair price and disclosed important information for shareholders,” said securities lawyer Hamilton Lindley. “The proposed class action lawsuit seeks to ensure that the company’s board is shopping the company competitively, and for what it is worth.”
Goldfarb Branham LLP lawyers have significant experience representing shareholders and whistleblowers in securities lawsuits nationwide.
Source: Goldfarb Branham, LLP
_____________________________
In other news today:
08:18 AM Eastern Daylight Time, 04/05/2011 (MidnightTrader) -- China Integrated Energy (CBEH) is lower after it says the Audit Committee of the company's Board of Directors has hired Pillsbury Winthrop Shaw Pittman LLP who, in turn, with the Audit Committee retained Deloitte Financial Advisory Services LLP to, together, advise the company's Audit Committee with regard to the Audit Committee's independent investigation into various issues raised by certain individuals.
_______________________
Do we have any accountant gurus here? Thoughts on who they hired, and why they hired 2 firms?
good DD so far ecomike, and I keep finding you on all of the boards I do stock research on, if your interested in another chinese stock play FCPG could be a good look at, overall am just waiting for a pr before deciding to jump in on the boat or not glta.
cflo92
I think I just noticed something interesting. This link:
http://www.chinaintegratedenergy.com/business-units/biodiesel-production-sales/100k-tongchuan-city-biodiesel-facility
Shows the original 100,000 ton per day biodiesel plant. The notorious video recently posted is of a different location, it is video of the smaller 50,000 ton per day plant they recently bought.
I think this is the one they posted video of:
http://www.chinaintegratedenergy.com/business-units/biodiesel-production-sales/acquired-50000-ton-biodiesel-facility-chongqing-city
From the prior page:
In 2006, we built a 10,000 square meter biodiesel production facility with an annual design capacity of 100,000 tons in Tongchuan City, Shaanxi Province. Our achievable utilization rate, after taking into account national holidays and required periodic maintenance, is 90%. In October 2010, we acquired a 50,000-ton plant in Chongqing City, China. By the end of 2010, we will increase our total production capacity to 200,000 tons by constructing a new 50,000-ton production facility, adjacent to our 100,000-ton plant in Tongchuan City.
http://www.chinaintegratedenergy.com/business-units/biodiesel-production-sales
I wonder why they did not take video of the Tongchuan city facility, which is the one they expanded. Could the one they just bought 5 months ago need work, or upgrades? Did it need work, and they bought it at a fire sale price?
I am still digging and doing my own DD. I have not bought shares quite yet.
Trust is a fleeting non-commodity for sure. I have always been a bit of junk and scrap collector, one mans junk is another's gold. Sometimes junk turns out to be junk, but the herd effect and peak fear often leaves golden opportunities behind for those who can figure out how to find them and time buying them. Just look at tickers like F, GE, HIG, BRY, and how well they have done after the Panic in 09.
I am not much for trying to board a moving train or rocket on the way up (or a falling knife or rocket on the way down for that matter), but I do know that shorts will cover, and do so in a panic when a stock under short attack bottoms hard and turns up. Instead of buying high flier stocks in a gamble that they will go forever higher, I have learned that it is better to take the market for what it is, as it is, and find stocks I would not mind holding long term, and look to buy them cheap after a massacre, or nasty panic sell off, especially if the fundamentals are sound, and the company is sound.
Call me an opportunistic capitalist!!!! LOL
I have one question for the group here to ponder. The recent attacks on this stock claim they lied about bio-diesel production rates. But they did show a real, built bio-diesel plant. The shorts did not claim that the plant did not exist, they just claimed that the plant was idle, based on what they claimed was no truck traffic in and out (I will say again, they did not post the entire video, just pieces of what they claim were weeks of 24 hour video, why is that?), and who of us would sit and watch the video for the next 2 months, to make a buy / sell decision? I think they rigged the game, knowing no one would have time to watch it all. But I must also ask, why would they buy and add capacity to an idle plant? Why would they sell new shares to expand idle biodiesel capacity, when the CEO owns 1/2 the outstanding shares?
Many plants here in Texas use pipelines to receive and deliver product, and do not use trucks for delivery. Do we even know if they use pipelines versus trucks at that plant?
I guess we won't know the truth until the dust settles, and the company comes up with an answer that shorts can't deny or throw more mud at.
Does anyone here know how to search the China online patent records to verify the patent application numbers this company lists on their web site? I would love to see an english version of those applications. I am familiar with the American and European versions, not China's.
I am still thinking of buying here for the first time next week.
KPMG?
I don't trust anybody anymore in the financial world! the banks, the sec, the big 4 accountancy's... its all one big crap. and now I'm losing my confidence in many china small caps.
even that stupid system of 'short selling'. who the hell invented that? that whole system creates idiots like sinclair, little fred and those idiots (I think muddy waters or so) from hongkong. this is no capitalism anymore. its destroying capitalism.
I wanna invest in company's and wanna see creating value. investing in short-selling systems to create value when it is going down is totaly unacceptable.
there is still no confidence by many people since the 2009-debacle... all the money stays on the banks... I think it will stay for a longer time
when bernankes Q2 in the next month will stop it will be chaos. I wonder how long it will take when bernanke present Q3
No, I am disappointed in cbeh. what says KPMG? nothing... I find that is not a good sign! why they don't go to court?
I am trying to look deeper under the hood. Hard to figure out what the insiders positions are stock wise. Ihub shows 70% insider ownership, while others have no information, but this SEC form 5 from a while back (and no changes reported since then) show the CEO owning about 50% of the shares!!!!
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0001144204-09-009419.txt&FilePath=\2009\02\17\&CoName=CHINA+BIO+ENERGY+HOLDING+GROUP+CO.%2C+LTD.&FormType=5&RcvdDate=2%2F17%2F2009&pdf=
If the Ihub number is right (70% held by insiders) and a huge laundry list of about 40 institutions holding shares (the who is who on wallstreet!!!) with 17% of shares held by institutions, and nearly 10% of OS shares reported as short
http://shortsqueeze.com/?symbol=cbeh&submit=Short+Quote%99
and Ihub now shows 24.5% of the float to be short, I think the shorts are about to be in a real pickle here (LOL, to put it mildly!)! I am seriously thinking about betting the ranch here on Monday and the next drop.
Other than the possibility of an Enron style China stock fraud here, what am I missing?????
No signs of insider selling in over 2 years!
CBEH Capital Raise of $15.3 Million,
finally the selling is over all funds that were holding dropped 50% and are buying back for cost avg. quick easy way to disolve losses by cost avg. it WILL HAPPEN you all know it.....these are the staocks i make a living tarding 1hour a day for a very comfortable life style.....time's up gotta go see all the co-ed's down by the river here in Chico California .....buy as much as you can afford you will thank me later i have had no stock yeild less than 25% and have held NONE for more than 30days
CBEH is a value stock that will find favor at this price ....i'm seeing nice blocks going into some value funds manager port's...as well as high growth fund
CBEH will be a double TRUST ME!!!!! this stock is on every small cap stock traders picks of everything i looked at today. my friend who is a proff at the university in China so i asked him to do some DD for me....I am happily to inform you CBEH is one of the most viable corps in china....there is big excitement about this co. in China
Video is easy to fake, ask Hollywood. Are you going to sit and watch days of 24 hour video to verify this? How do you know the video is not fake? I looked at that video and it is, and admits it is, a time lapsed video, not the real, complete video, but time lapsed, meaning to me it is altered and they admit it is altered!
This same outfit went after CGA 6 months ago, with the same game, the stock fell but 6 months later is still trading and trading and trading at around $6/share? If that company was fraud as this same outfit claimed, why are they still trading and not out of business?
CGA closed at $6.90/share today.
Here is was their early attack on CGA:
http://seekingalpha.com/article/230668-china-green-agriculture-why-this-chinese-class-action-lawsuit-is-different-than-the-rest
I just found this from a comment in that link above:
refute the video's in this post and your are golden
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=61568878&txt2find=video
OK, so somebody here please bring me up to speed on the story here, other than the recent short shark attack details on China stocks listed in the USA (including this one), that part I know a little about already.
I bought ABAT yesterday (after it sold off 48% from a short shark attack... made good money off CGYV last 18 months after it went down under, and recently revovered, up 400%, what I don't know is the nitty gritty details about this one.
I am not new to China, energy stocks, or their volatility, etc.
Considering buying this one tomorrow, but want to know a lot more first about what makes it tick, makes it special, good, bad and ugly.
Little's videos are smellin'
A must see, lawsuit for Alfred Little!!! http://www.deerinc.com/Library/DEER_Lawsuit_March_28_2011.pdf
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China Integrated Energy, Inc. is a leading non-state-owned, integrated energy company in China engaged in three business segments: the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel, and the operation of retail gas stations.
Oil Distribution - We are a high-volume distributor, selling primarily gasoline, diesel, and heavy oil in fourteen provinces and municipalities through seven sales offices located in various regions of China. read more
Biodiesel Production and Sales - We operate a 100,000-ton biodiesel production plant located in Tongchuan City, Shaanxi Province and a 50,000-ton plant in Chongqing City, China. We will increase our total production capacity to 200,000 tons by constructing a new 50,000-ton production facility, adjacent to our 100,000-ton plant in Tongchuan City. read more
Retail Gas Stations - We operate seven retail gas stations located in Xi’an City and other areas in Shaanxi Province with plans for expansion. read more
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Wholesale Distribution of Finished Oil and Heavy Oil Products
Oil Distribution
We wholesale a variety of oil products including gasoline, diesel, and heavy oil. Gasoline and diesel represent the majority of oil products consumed in China due to automobile and truck usage. Diesel is also used in agricultural farming machines and power generation. Heavy oil is for further refinery into finished oil products, and also broadly used as fuel for ship boilers, industrial furnaces and heating purposes. Wholesale distribution of finished oil and heavy oil products accounted for approximately 67.6% of our total sales in 2009, and approximately 66.3% of our total sales in 2008.
We purchased approximately 65.5% of our gasoline and diesel oil products from our top five suppliers in 2009. During 2009, we purchased approximately 30.8% of our gasoline and diesel oil products from Shaanxi Yanchang Group, the fourth largest oil company in China, with whom we have had a strong long-term relationship. While Shaanxi Yanchang Group supplies most of our gasoline and oil, we are actively seeking other sources as well.
Wholesale Oil Distribution Photo Gallery
Click the image below to view photos.
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Oil Storage
We use four oil storage depots, which in the aggregate have the capacity to store approximately 59,000 m3 of oil products. Two of the state-owned depots are located on railways that provide us convenient access for distributing our products. We also have access to a 2.65-kilometer railway track connecting the oil storage depots located within our biodiesel production facility to the main railway in Tongchuan City, Shaanxi Province.
Oil Sales and Marketing
We have developed a stable sales network for our products in fourteen provinces and municipalities. We now employ thirty-six full-time salespersons, and as our business grows, we intend to further expand our network and develop more sales channels. For our wholesale distribution of finished and heavy oil, we will distribute to two additional provinces in the next eighteen months, adding additional salespersons and establishing more regional sales offices. We plan to increase our sales volume through enhancing our distribution footprint, and further penetrating our existing customer base and business territories.
Our Customers
We currently sell our finished oil and heavy oil products to regional distributors in China that supply to retail service stations, and directly to end users through our retail gas stations. We have adopted different terms for payment based upon the financial strength of the customer. For example, we have entered into agreements with PetroChina, SINOPEC, and other state-owned enterprises whereby we deliver products to agreed-upon locations, and these customers agree to pay us after delivery. However, we require partial pre-payment and cash on delivery from our customers that operate distributorships, or own and operate private gas stations, typically 10% to 15% of the total purchase price. We have not experienced any uncollectible accounts receivable or bad debt write-offs during the past three years.
In 2008 and 2009, our top five customers purchased approximately $49.3 million and $113.2 million of our products, representing approximately 22.8% and 39.1% of our sales during that period, respectively. China Petroleum and Chemical Corporation Chuanyu Trading Co., Ltd., our largest customer, accounted for approximately 26.6% of our sales in 2009.
Production and Sales of Biodiesel
Biodiesel Production
In 2006, we built a 10,000 square meter biodiesel production facility with an annual design capacity of 100,000 tons in Tongchuan City, Shaanxi Province. Our achievable utilization rate, after taking into account national holidays and required periodic maintenance, is 90%. In October 2010, we acquired a 50,000-ton plant in Chongqing City, China. By the end of 2010, we will increase our total production capacity to 200,000 tons by constructing a new 50,000-ton production facility, adjacent to our 100,000-ton plant in Tongchuan City.
Biodiesel Facilities Photo Galleries
Click the images below to view photos of our biodiesel facilities.
Biodiesel Proprietary Production Technology
First Generation Technology
We have been awarded three patents relating to the use of multiple feedstock interchangeably in biodiesel production. Our biodiesel feedstock includes non-edible seed oil, waste cooking oil and vegetable oil residue, most of which have limited alternative uses. We have submitted eight additional patent applications, of which six have passed the preliminary examination and the other two have been accepted for review.
We maintain a flexible procurement model in which we adjust the relative quantities of each type of raw material we purchase, depending on their respective purchase prices, to minimize our raw material costs. In 2009, non-edible seed oil, vegetable oil residue and waste cooking oil accounted for approximately 40%, 43% and 17% of our raw material costs relating to our biodiesel production, respectively.
Our first-generation biodiesel meets the Chinese Biodiesel Standard B100. Our biodiesel can be blended with regular petro-diesel and used by existing diesel engines with no change in engine performance.
Second Generation Technology
The new 50,000-ton second-generation biodiesel production facility, adjacent to our 100,000-ton first-generation production facility, is estimated to reduce production costs by 20%. In addition to the feedstock used in the first-generation facility (i.e. non-edible seeds, waste cooking oil, vegetable oil residue), the new second-generation facility can utilize a diverse supply of raw materials, such as crop straw (wheat straw, corn straw, cotton straw, weed, etc.), agricultural waste (tree branches, tree leaves), as well as organic waste, providing us with better input cost controls while ensuring optimal capacity utilization.
Furthermore, the new technology is able to recycle unused feedstock and water used in the production process, meeting our environmental goals while delivering further cost reductions. China currently produces 1.3 billion tons in organic waste annually.
Our second-generation biodiesel meets Europe IV fuel standards and can be mixed with both diesel and first-generation biodiesel at any ratio.
Biodiesel Raw Material Supply
We have access to a range of biodiesel raw materials. Besides non-edible seed oil, we can also use waste cooking oil and vegetable oil residue for biodiesel production. We have signed raw material purchasing contracts with local associations, some of which are governmental entities. These associations organize local farmers to plant and harvest oil plants. The purchasing contracts obligate most of the associations to first offer to sell the feedstock to us.
Shaanxi Province is one of the largest cultivators of Chinese prickly ash, an oil plant, in China. Together, the local farmers in Shaanxi Province have planted approximately 240,000 acres of Chinese prickly ash, 857,000 acres of cornel, and 10,000 acres of Chinese pistache. Although we could satisfy all of our current feedstock demands solely with Chinese prickly ash, we continue to diversify our feedstock supply to lower input costs. The abundant supply of feedstock currently available in Shaanxi Province is sufficient for our current needs, and should be sufficient for our expanded demands for raw material once we expand our biodiesel production facility or acquire a new facility.
Biodiesel Sales and Marketing
We are the only non-state owned biodiesel producer with a nationwide distribution license. We continue to leverage our distribution infrastructure to sell our biodiesel to existing customers and to acquire new ones. The main advantages of biodiesel over petro-diesel are pricing, efficiency, safety (due to a higher flash point), and the fact that biodiesel is environmentally friendly. Our targeted markets are power plants, marine transportation companies, seaport operations, and other industrial customers which consume large volumes of diesel fuel.
Operation of Retail Gas Stations
We sell all grades of gasoline and diesel at our seven retail gas stations. Our customers include automobile, bus, and truck drivers.
Our advantages are:
Retail Gas Station Photo Gallery
Click the images below to view photos of our retail gas stations.
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Outstanding: 44.5M
(as of January 7, 2014)
Float: 11.9M
Institutions Holding Shares: 46
Percent Held By Institutions: 21.54%
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